Treasury has launched a public consultation on policy proposals to update the Island’s Depositors’ Compensation Scheme (DCS) in line with new international standards.
The current scheme regulations date back to 2010, since which time the International Association of Deposit Insurers (IADI) has developed a set of 16 principles for assessing such schemes. The IADI principles are considered to represent best practice for reputable jurisdictions.
The consultation document considers what changes would be needed to the existing DCS for it to comply more fully with the IADI principles. It also takes account of recommendations from previous Tynwald Select Committee reports.
This initial consultation is intended to gain the views of the public, the banking industry and other interested bodies on a number of key overarching policy proposals which will establish a framework for the revised DCS. Further consultation will then be undertaken on revised draft scheme regulations.
The consultation document, entitled ‘Revised Depositors’ Compensation Scheme Policy Proposals’, can be found on the Isle of Man Government website at https://www.gov.im/consultations.gov?menuid=16916&type=current.
The consultation closes on Friday 24th March 2017.
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